[MMM] When I grow up I want to be a consultant

What do you do if you’re an executive who resigns? You declare yourself a consultant. – Mo Ibrahim

According to the Kennedy Information and Industry Intelligence Company, the consulting industry has grown at a 20% rate since the 1980s. The sector is a $118-billion industry. It is six times larger than 10 years ago, employing between 350,000 and 400,000 workers. The top 25 global firms make up 60 percent of the industry. The consulting industry is broken up into four key areas:

50% IT Consulting

21% Operations Consulting

18% Strategy Consulting

11% Human Resources Consulting

The good news is that the “Wisdom Industry” is growing at a fast clip. Some sectors, such as the technology consulting area that we are looking at, have grown at a slower rate these past years, and instead you are seeing more consulting work occurring off shore.

Many professionals join a consulting firm and spend their whole careers there because they enjoy the variety. The complexity and the financial rewards are tremendous, especially if their goal is to become a partner. It exposes you to a number of different situations. The profile of a consultant is one who enjoys a wide range of problem solving, and thrives independently.

There are a few challenges with this role; firstly, you tend to follow the problems that are the hottest, and the ones that clients are willing to pay for, which may or may not fit your key skills. Secondly, there tends to be the expectation of longer hours and more travel.

If you have a profile that fits, you will thrive; otherwise it may be a short term engagement that opens the door to a new employer. Are you up for the challenge?

Along the road with you,

Alan

P.S. Join Laurie Fenske, Senior Career and Leadership coach, during our Self-Employment webinar on September 12 from 12-1 pm as she discusses high level business planning and how working with a CareerJoy coach could help you get started to owning your own business.

P.P.S. Our Career Identity Program can help you to find clarity around whether consulting is a good fit. Reach out to Amanda or Brit on our client success team at 1-877-256-2569 ext 4 or info@careerjoy.com to learn more about how our business coaches can support you in your transition get you started on the right career path.